Economists spent most of the day downplaying any concerns,
arguing that the number was
"grossly distorted" by volatile government spending and
inventory numbers.

The 2012 annual growth number, however, may have gotten less
attention than it deserved, says Art Cashin, UBS Financial
Services director of floor operations.

From this morning's Cashin's Comments:

The Other GDP –
While most of headlines concentrated on the 4th Quarter GDP, it
did give us a look at the annual GDP for 2012. It figures
to about 1.5% (not the 4% growth that I think was the Fed's
projection).

The year-over-year change in real GDP was 1.5 percent.
There has never been a time since measurement commenced in 1948
when the annual pace of real GDP has fallen that low without the
economy ultimately slipping into recession. Sub-2.0 percent
readings are historically the warning signal.

Patterns can always change of course let but that one's got a
rather compelling history.